Wk1-3 Business Model Canvas Overview Presentation
Welcome, and thank you for registering for The Business Model Canvas, a tool for entrepreneurs and innovators. Again, this is Dan Studs. We met in the introductory video. I had the pleasure and the privilege to be a lead instructor. As we discussed, this program is a corsera. Project based learning course. So what that means is together, we'll be both learning and doing. So let's get to work. The starting point of any good discussion on business model development is to have a shared understanding of what a business model is. Alex Osterwalder and Yves Pigneur, authors of the best selling book the Business Model Generation define a business model as the rationale of how an organization creates, delivers and captures value. Let me repeat that. A business model is the rationale of how an organization creates, delivers, and captures value. Alex and e's believe a business model can best be described through nine basic building blocks that show the logic of how a company intends to win customers and make money. So that's why they invented the business model canvas. In this module, we'll begin with a program overview and the project deliverables. Then we'll talk briefly about the nine building blocks, and we'll end with an explanation of your application assignments. So let's begin with the end in mind. Let's talk about the project deliverables. By the end of this program, you will have the knowledge and skills to complete a one page business model canvas which is a requirement of this Coursera program. And also, a ten minute video presentation that explains your new business model. This second project deliverable is optional, but highly recommended. And we'll talk about these deliverables more throughout the program. Next, let's look at the process we'll use to get the project deliverables done. Before we even start step 1, we'll need to identify the challenge that we want to solve or address. With that challenge in mind, step 1 will be to select the idea that has the best chance to address the challenge or solve the problem. But the purpose of this program will use our experience and intuition to select the idea. And please remember, that it will be hundreds or thousands of people going to this program to too. If you want to keep your idea confidential, you may want to choose a practice idea to use during the course. We'll leave that decision up to you. In step 2, together we'll build the model, using the business model canvas and its nine building blocks as our guide. As mentioned earlier, this is your primary project deliverable. Lastly, in step 3, we'll use the business model canvas to tell the story of why our idea is important. How the idea will be implemented. And what resources we'll need to transform our new idea into a profitable business. Okay, let's briefly highlight the nine building blocks. Business model experts recommend that we start with customer segments. So together, we'll identify and lift the customer segments. Typically, they range between five and seven segments. However, for this program's purpose, I recommend that you pick just one customer segment. That we'll use for the business model canvas project. Building block number 2, value propositions. It's best to complete this building block next. We'll need to determine what value can we create to deliver that will be most important to the customer segment that we chose. Channels. We'll need to determine how we will communicate, and deliver the value propositions to the customer segment. Building block number 4, customer relationships. These are critical. How can we best build authentic relationships with customers and strategic partners that lead to deep trust and deep loyalty. Revenue streams. This is what's meant by capturing the value that we create and deliver. How do we make a reasonable amount of money for our efforts? Building block number 6, Key Resources. This building block focuses on the assets we will need to deliver the value propositions. Key resources typically fall into four categories, physical, human, intellectual, and financial resources. Next is key activities. These are the most important actions that company takes to operate successfully. Activities typically include operations, production, sales and marketing, and finance administration. Key partnerships. This building block is very important. Partnerships in many ways have become the cornerstone of most business models. Partnerships typically include strategic alliances between non competitive, joint ventures, or most recently the co-creation of value with your customers. And last but not certainly not least the cost structure. We'll need to identify all of the costs that will be involved with creating and delivering the customer value proposition, that we promise in our business model. Okay, now let's talk about the assignments you will need to complete as part of module 1. First, in the discussion area, you'll be asked to answer the question, what is the most important thing I learned while watching the animated video from Business Idea to Business Model? Again, that video is called From Business Idea to Business Model. In this video, like the others in the series of six was produced by the company and made available to us through the of the Copemen foundation. You may have completed this assignment already. If not go back one step and watch that video and answer the question what did I learn. Next your job is to tackle what I call application assignments. Assignment number 1 is to identify your challenge. What challenge or problem do you want to address? And it's important to remember that research tells us that the world's most successful entrepreneurs and innovators, typically choose a challenge that they have a deep passion about. So you might want to think about this at this stage, perhaps even hit the pause button and think for a few minutes what do you truly believe in? What challenge are you really passionate about? Once you're done with that assignment. Assignment number 2 is to write the challenge statement. Your responsibility is to write a succinct one sentence challenge statement that will guide you as you construct the business model canvas. As I recommended before for the purpose of this course. I would recommend that you phrase the challenge statement as a question, such as how can we? And I'll give you an example in the next slide. And then assignment number 3 is to identify your idea or your prototype solution. For the purpose of this course, now please use your experience and intuition to select a preliminary idea or a solution. However, as most entrepreneurs know, in the real world, typically you'd spend a lot of time doing deep discovery work before you pick your idea. But for the purpose of this course, you'll just choose an idea that you think will work best. Since you're required to complete a project as part of this coursera course, I thought it would be only fair that I complete a project too. As I mentioned in the introductory video, Kennesaw State University where I work has 34,000 students and we're one of the fastest growing universities in the United States. What are we passionate about? We're passionate about providing students with practical job-ready knowledge and skills. What is our challenge? With so many students and a limited number of career planning advisors on campus, how can we effectively help 34,000 students each and every year find a job and careers of their dreams? What is our preliminary idea? There is a team of us who want to develop a Career Readiness program that delivers research validated career planning knowledge and skills using an innovative gamification platform that also includes access to career coaches. That is our preliminary idea. Okay, now it's your turn. In the next section called the peer review, your assignment is to write your challenge statement, and remember, as part of this program, your challenge statement will be available for peer review. So good luck, and we'll get together again at the beginning of module 2.
